Everyday it is almost certain that we will deal with money. It is because everything costs something. When you wake up, there are bills to pay. When you want to go somewhere, you have to pay fare or gas. Eating requires you to use money. When you eat out at restaurants or fast food chains, you have to pay. If you decide to stay at home to cook your own meal, you would still have to pay for the ingredients. The point is, it is a part of our daily life which, frankly, keeps our lives going. While it is a normal part of our lives to handle and use money, there are many things that we actually don’t know about them.
In this article, we’ve made a list of facts that you’d find funny about money. Read on to know..
Credit Card Debt can start as early as high school
Using credit card can now put you into debt even if you yourself haven’t got a way to pay for it yet. High school students are now allowed to take on credit cards and car loans to use as they please. Previously, there has to be a parental guidance or an age limit before this can happen. Now, credit card companies enlist Americans as young as 14 years old.
Having $10 and no debts make you richer than a quarter of all Americans
The fact is a lot of Americans are in debt. So if you think about it, if you’re a ten year old boy who was given $10 (350 THB) by his parents as allowance is already wealthier than many adults and professionals who are in debt. The reality of this is because the wealth distribution is highly imbalanced. Add to that the fact that people go into debt as early as high school make this fact not so unusual.
The yearly American fast food receipt amounts to $117 billion
That’s right. America loves their fast food. They actually spend $117 billion (4.1 THB trillion) on burgers, fries, and softdrinks. It’s no wonder that they are also one of the leading countries for diabetes. In any case, here are the other things that America spends their money on: $96 billion (3.4 THB trillion) on beer, $65 billion (2.3 THB trillion) on soda, $51 billion (1.8 THB trillion) on pet products, $17 billion (600 THB billion) on video games, and a whopping $18 billion (635 THB billion) on credit card late fees alone.
Monopoly money are printed more than fiat money
Monopoly is a famous board game where players use fake money to acquire properties and more wealth, much like the real world. However, this famous game beats real life in terms of money production. Monopoly prints as much as $50 billion (1.8 THB trillion) of its currency while America only produces around $1 billion (35 THB billion)
More than 90% of all Americans won’t be able to retire at 65
This is how serious the money problem is in America. To be more accurate, 96% of all Americans who have a job currently will not be able to retire at 65 according to the Employee Benefits Research Institute. This is because most of them will not be able to collect the full Social Security retirement benefits given to people who have reached that age.